2010 Annual Report
Clark Street and Ridge Avenue Redevelopment Project Area
Pursuant to 65 ILCS 5/11-74.4-5(d)
JUNE 30,2011 ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY SAAR TOPINK.A
Name of Municipality: Chicago Reporting ~iscal Year: 2010 County: Cook Fiscal Year End: 12/ 31 ./2010 Unit Code: 016/620/30
First e: Andrew J. Last Name: Mooney Address: City Hall 121 N. LaSalle Title: TIF Administrator Telephone: (312) 744-0025 City: Chicago, IL Zip: 60602 E~Mail: [email protected]
I attest to the best of my knowledge, this report of the redevelopment project areas in: CityNillage of Qbicago is complete and accurate at the end of this reporting Fiscal year under the Tax Increment Allocation Redevelopment Act [65 ILCS5/11-74.4-3 ef. seq.) " Or the Industrial Jobs RecoveryLaw[65lLCS 5/11-74.6-10 et. seq.] JI 7--. ~,l~~11 Written signature of TIF A&minis~ator Date
Section 1 {55 ILcs 5/11-74.4-5 (d) (1 ;5) and 65 ILCS 5/11-74.6-22 (d) (1.5)*)
Date Designated Date Terminated 105thlVincennes 10/3/2001 12/31/2025 111 th StreetlKedzie Avenue Business District 9/29/1999 9/29/2022 119th and Halsted 2/6/2002 12/31/2026 119th/I-57 11/6/2002 12/31/2026 126th and Torrence 12/21/1994 12/21/2017 134th and Avenue K 3/12/2008 3/12/2032 24th/Michigan 7/21/1999 7/21/2022 26th and King Drive 1/11/2006 12/31/2030 35th and Wallace 12/15/1999 12/31/2023 35th/Halsted 1/14/1997 12/31/2021 35th/State 1/1412004 12/31/2028 40th/State 3/10/2004 12/31/2028 43rd/Cottage Grove 7/8/1998 7/8/2021 45thIWestern Industrial Park Conservation Area 3/27/2002 12/31/2026 47th/Ashland 3/27/2002 12/31/2026 47th/Halsted 5/29/2002 12/31/2026 47th/King Drive 3/27/2002 12/31/2026 47th/State 7/21/2004 12/31/2028 49th StreetiSt. Lawrence Avenue 1/10/1996 12/31/2020 51 st! Archer 5/17/2000 12/31/2024 53rd Street 1/10/2001 12/31/2025 60th and Western 5/9/1996 5/9/2019 "All statutory citations refer to one of two sections of the Illinois Municipal Code: the Tax Increment Allocation Redevelopment Act [65 ILCS 5/11·74.4·3 et. seq.) or the Industrial Jobs Recovery Law [65ILCS 5/11-74.6·10 et. seq.)
J;uu,,~s It Tbompson t\'l)l ..,1' i.o(."01I (~O\c''l1IIlH.'tlJ Drt1Sinll 100 \\'. 1\",I(h .~ln:cl. ~lIiic l.l·;ioO Chi,·a.~o. It. nOCio r 'J'd.: (fl7i)aU\ :lanl, F:;" 1:1I~J ~11-2!)RG, l':'lIlajl: Im-;i<>i'.ull1lai1.im',,\alc'.il.ns m~,t)t1'lf ANNUAL TAX INCREMENT FINANCE REPORT GQ1~F.:TRoL'LER ...~J(lQ~.~:W'.' OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA
Name of Municipality: Chicago Reporting Fiscal Year: 2010 County:Cook RscalYearEnd: 12/31 /2010 Unit Code: 016/620/30
63rd/Ashland 3/29/2006 12/31/2030 63rd/Pulaskl 5/17/2000 12/31/2024 67th/Cicero 10/2/2002 12/31/2026 69th/Ashland 11/3/2004 12/31/2028 71st and Stony Island 10/7/1998 10/7/2021 72nd and Cicero 11/17/1993 11/17/2016 73rd and Kedzie 11/17/1993 11/17/2016 73rd/University 9/13/2006 12/31/2030 79th and Cicero 6/8/2005 7/8/2021 79th Street Corridor 7/8/1998 12/31/2025 79th StreeUSouthwest Highway 10/3/2001 12/31/2029 79thNincennes 9/27/2007 12/31/2031 83rd/Stewart 3/31/2004 12/31/2028 87th/Cottage Grove 11/13/2002 12/31/2026 89th and State 4/1/1998 4/1/2021 95th and Western 7/13/1995 7/13/2018 95th Street and Stony Island 5/16/1990 5/16/2013 Addison Corridor North 6/4/1997 6/4/2020 Addison South 5/9/2007 12/31/2031 Archer Courts 5/12/1999 12/31/2023 Archer/ Central 5/17/2000 12/31/2024 Archer/Western 2111/2009 12/31/2033 Armitage/Pulaski 6/13/2007 12/31/2031 Austin/Commercial 9/2712007 12/31/2031 Avalon Park/South Shore 7/31/2002 12/31/2026 Avondale 7/29/2009 12/31/2033 BelmonU Central 1/12/2000 12/31/2024 BelmonUCicero 1/12/2000 12/31/2024 Bronzeville 11/4/1998 12/31/2022 Bryn Mawr/Broadway 1211111996 12/11/2019 CalumetAvenuelCermak Road 7/29/1998 7/29/2021 Calumet River 3/10/210 12/31/2034 Canal/Congress 11/1211998 12/31/2022 Central West 2/16/2000 12/31/2024 Chatham-Ridge 12/18/1986 12/31/2010 (1) Chicago/ Kingsbury 4/12/2000 12/31/2024 Chicago/Central Park 2/27/2002 12/31/2026 Chicago Lakeside Development - Phase 1 (USX) 5/12/2010 12/31/2034 Chinatown Basin 12/18/1986 12/31/2010 Cicero/Archer 511712000 12/31/2024 Clark Street and Ridge Avenue 9/29/1999 9/29/2022 Clark/Montrose 7/711999 7/7/2022 Commercial Avenue 11113/2002 12/31/2026 Devon/Sheridan 3/31/2004 12/31/2028
(1) This TIF has been terminated; however, the sales tax portion continues to exist for the sole purpose of servicing outstanding obligations which may be retired early at which point the sales tax portion will also terminate. ANNUAL TAX INCREMENT FINANCE REPORT GOMPT'RO~~EA ·.~J{X:~,1l~.· OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA " ., ,~/ '.:' '."-;,
Name of Municipality: Chicago Reporting Fiscal Year: 2010 County:Cook Fiscal Year End: 12/31 /2010 Unit Code: 016/620/30
Devon/Western 11/3/1999 12/31/2023 Diverseyl Narragansett 2/5/2003 12131/2027 Division/Hornan 6/27/2001 12131/2025 DivisionlNorth Branch 3/15/1991 3/15/2014 Division-Hooker 7/10/1996 7/10/2019 Drexel Boulevard 7/10/2002 12131/2026 EastmanlNorth Branch 10/7/1993 10/7/2016 Edgewater 12/18/1986 12/18/2009 Edgewaterl Ashland 10/1/2003 12131/2027 ElstonlArmstrong Industrial Corridor 7/19/2007 12/31/2031 Englewood Mall 11/29/1989 11/29/2012 Englewood Neighborhood 612712001 12/31/2025 Ewing Avenue 311012010 12/31/2034 Forty-first Street and Dr. Martin Luther King, Jr. Drive 711311994 7/13/2017 Fullertonl Milwaukee 2/16/2000 12/31/2024 GalewoodlArmitage Industrial 71711999 7/7/2022 Goose Island 7/10/1996 7/10/2019 Greater Southwest Industrial Corridor (East) 3/10/1999 12/31/2023 Greater Southwest Industrial Corridor (West) 411212000 12131/2024 Harlem Industrial Park Conservation Area 3/14/2007 12/31/2031 HarrisonlCentral 7/26/2006 12/31/2030 HollywoodlSheridan 11/7/2007 12/31/2031 HomanlGrand Trunk 12/15/1993 12/15/2016 Homan-Arthington 2/5/1998 2/5/2021 Howard-Paulina 10114/1988 10/14/2011 Humboldt Park Commercial 612712001 12/31/2025 Irving Park/Elston 511312009 12/31/2033 IrvinglCicero 6/1011996 12131/2020 Jefferson Park Business District 9/911998 9/9/2021 Jeffersonl Roosevelt 8/30/2000 12/31/2024 KennedylKimball 3/1212008 3/12/2032 Kinzie Industrial Corridor 6/10/1998 6/10/2021 Kostner Avenue 11/5/2008 11/5/2032 Lake Calumet Area Industrial 12/13/2000 12/31/2024 Lakefront 3/27/2002 12/31/2026 LakesidelClarendon 7/21/2004 12/31/2028 LaSalle Central 11/15/2006 1213112030 Lawrencel Kedzie 2116/2000 12131/2024 LawrencelBroadway 6/27/2001 12/31/2025 LawrencelPulaski 2/27/2002 12131/2026 Lincoln Avenue 11/3/1999 12131/2023 Lincoln-Belmont-Ashland 11/2/1994 11/2/2017 Little Village East 4122/2009 12/31/2033 Little Village Industrial Corridor 611312007 12/31/2031 ·~ .. ~. ::-. CqMPT'RO~L~A ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA \T~~':~:
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Name of Municipality: Chicago Reporting Fiscal Year: 2010 County:Cook Fiscal Year End: 12/31 12010 Unit Code: 016/620/30
MaddenlWelis 11/6/2002 12131/2026 MadisonlAustin Corridor 9/29/1999 12131/2023 MichiganlCermak 9/13/1989 9/13/2012 Midway Industrial Corridor 211612000 12131/2024 Midwest 5/17/2000 12131/2024 Montclare 8/30/2000 12131/2024 MontroselClarendon 6/30/2010 12/31/2034 Near North 713011997 7/30/2020 Near South 11/28/1990 12/31/2014 Near West 3/23/1989 12/31/2013 North Branch (North) 712/1997 12131/2021 North Branch (South) 215/1998 2/5/2021 North Pullman 6/30/2009 12/31/2033 North-Cicero 713011997 7/30/2020 Northwest Industrial Corridor 12/2/1998 12/2/2021 OgdenlPulaski 4/9/2008 4/9/2032 OhiolWabash 6/712000 12131/2024 PershinglKing 9/5/2007 12131/2031 Petersonl Cicero 2/16/2000 12/31/2024 Petersonl Pulaski 2/16/2000 12/31/2024 PUsen Industrial Corridor 6/10/1998 12131/2022 Portage Park 9/911998 9/9/2021 Pratt/Ridge Industrial Park Conservation Area 6/23/2004 12/31/2028 Pulaski Corridor 619/1999 6/9/2022 Randolph and Wells 6/9/2010 12131/2034 Ravenswood Corridor 3/912005 12131/2029 Read-Dunning 111111991 12/31/2015 River South 7/30/1997 7/30/2020 River West 1/10/2001 12131/2025 Roosevelt/Canal 3/19/1997 12/31/2021 Roosevelt/Cicero 215/1998 2/5/2021 Roosevelt/Racine 1114/1998 12131/2022 Roosevelt/Union 5/12/1999 5/12/2022 Roosevelt-Homan 12/5/1990 12/5/2013 RoselandlMichigan 1/16/2002 12/31/2026 Sanitary Drainage and Ship Canal 712411991 7/24/2014 South Chicago 4/12/2000 12/31/2024 South Works Industrial 11/311999 12131/2023 StevensonlBrighton 4/11/2007 12131/2031 Stockyards Annex 12/11/1996 12/31/2020 Stockyards Industrial Commercial 319/1989 3/9/2012 Stockyards Southeast Quadrant Industrial 2126/1992 2/26/2015 Stony Island Avenue Commercial and Bumside Industrial Corridors 6/10/1998 6/10/2021 TouhylWestem 9/1312006 12/31/2030 ANNUAL TAX INCREMENT FINANCE REPORT OFFICE OF ILLINOIS COMPTROLLER JUDY BAAR TOPINKA ",:' .... <.
Name of Municipality: Chicago Reporting Fiscal Year: 2010 County:Cook Fiscal Year End: 12/31 J2010 Unit Code: 016/620/30
WeedlFremont 1/812008 1/8/2032 West Grand 6/10/1996 6/10/2019 West Irving Park 1/12/2000 12/31/2024 West Pullman Industrial Park 311111998 3/11/2021 West Ridge-Peterson Avenue 10/27/1986 12/31/2010 West Woodlawn 511212010 12/31/2034 Western Avenue North 111212000 12/31/2024 Western Avenue Rock Island 218/2006 12131/2024 Western Avenue South 111212000 12/31/2030 WesternlOgden 2/5/1998 2/5/2021 Wilson Yard 6/27/2001 12/31/2025 Woodlawn 112011999 1/20/2022 SECTION 2 [Sections 2 through 5 must be completed for each redevelopment project area listed in Section 1.]
Name of Redevelopment Project Area: Clark Street and Ridge Avenue Redevelopment Project Area Primary Use of Redevelopment Project Area*: Combined/Mixed If "Combination/Mixed" List Component Types: Residential/Commercial Under which section of the Illinois Municipal Code was Redevelopment Project Area designated? (check one): Tax Increment Allocation Redevelopment Act X Industrial Jobs Recovery Law
No Yes Were there any amendments to the redevelopment plan, the redevelopment project area, or the State Sales Tax Boundary? [65 ILCS 5/11-74.4-5 (d) (1) and 5/11-74.6-22 (d) (1)] If yes please enclose the amendment labeled Attachment A X Certification of the Chief Executive Officer of the municipality that the municipality has complied with all of the requirements of the Act during the preceding fiscal year. [65 ILCS 5/11-74.4-5 (d) (3) and 5/11-74.6-22 (d) (3)] Please enclose the CEO Certification labeled Attachment B X Opinion of legal counsel that municipality is in compliance with the Act. [65 ILCS 5/11-74.4-5 (d) (4) and 5/11-74.6- ':tf? 22 (d) (4)] i~~\'S')(t:'lN;~';, Please enclose the Legal Counsel Opinion labeled Attachment C • X Were there any activities undertaken in furtherance of the objectives of the redevelopment plan, including any project implemented in the preceding fiscal year and a description of the activities undertaken? [65 ILCS 5/11-74.4- 5 (d) (7) (A and B) and 5/11-74.6-22 (d) (7) (A and B)] If ves please enclose the Activities Statement labeled Attachment D X Were any agreements entered into by the municipality with regard to the disposition or redevelopment of any property within the redevelopment project area or the area within the State Sales Tax Boundary? [65 ILCS 5/11- 74.4-5 (d) (7) (C) and 5/11-74.6-22 (d) (7) (C)] If yes please enclose the Agreement(s) labeled Attachment E X Is there additional information on the use of all funds received under this Division and steps taken by the municipality to achieve the objectives of the redevelopment plan? [65 ILCS 5/11-74.4-5 (d) (7) (D) and 5/11-74.6- 22 (d) (7) (D)] If ves please enclose the Additional Information labeled Attachment F X Did the municipality's TIF advisors or consultants enter into contracts with entities or persons that have received or are receiving payments financed by tax increment revenues produced by the same TIF? [65 ILCS 5/11-74.4-5 (d) (7) (E) and 5/11-74.6-22 (d) (7) (E)] If yes, please enclose the contract(s) or description of the contract(s) labeled Attachment G X Were there any reports or meeting minutes submitted to the municipality by the joint review board? [65 ILCS 5/11- 74.4-5 (d) (7) (F) and 5/11-74.6-22 (d) (7) (F)] If yes, please enclose the Joint Review Board Report labeled Attachment H X Were any obligations issued by municipality? [65 ILCS 5/11-74.4-5 (d) (8) (A) and 5/11-74.6-22 (d) (8) (A)] If yes&lease enclose the Official Statement labeled Attachment I X Was analysis prepared by a financial advisor or underwriter setting forth the nature and term of obligation and projected debt service including required reserves and debt coverage? [65 ILCS 5/11-74.4-5 (d) (8) (B) and 5/11- 74.6-22 (d) (8) (B)] If yes, please enclose the Analysis labeled Attachment J X Cumulatively, have deposits equal or greater than $100,000 been made into the special tax allocation fund? 65 ILCS 5/11-74.4-5 (d) (2) and 5/11-74.6-22 (d) (2) If yes, please enclose Audited financial statements of the special tax allocation fund labeled Attachment K X Cumulatively, have deposits of incremental revenue equal to or greater than $100,000 been made into the special tax allocation fund? [65 ILCS 5/11-74.4-5 (d) (9) and 5/11-74.6-22 (d) (9)] If yes, please enclose a certified letter statement reviewing compliance with the Act labeled Attachment L X IA list of all Intergovernmental agreements In errect In r Y ~Ul u, to wnlcn tne mUnicipality IS a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILCS 5/11-74.4-5 (d) (10)] If yes, please enclose list only of the intergovernmental agreements labeled Attachment M X * Types Include: Central Business DistriCt, Retail, Other CommerCial, Industrial, Residential, and Combination/Mixed.
FY 2010 Section 2 SECTION 3.1 • (65ILCS 5/11·74.4·5 (d) (5) and 651LCS 5/11·74.6·22 (d) (5» Provide an analysis of the special tax allocation fund.
I Reporting Year I Cumulative *
Fund Balance at Beginning of Reporting Period 6,888,438 I
Revenue/Cash Receipts Deposited in Fund During Reporting FY: % of Total Property Tax Increment 2,445,465 $ 12,812,791 100% State Sales Tax Increment 0% Local Sales Tax Increment 0% State Utility Tax Increment 0% Local Utility Tax Increment 0% Interest 6,736 0% Land/Building Sale Proceeds 0% Bond Proceeds 0% Transfers in from Municipal Sources (Porting in) 0% Private Sources 0% Other (identify source ; if multiple other sources, attach schedule) 0%
Total Amount Deposited in Special Tax Allocation Fund During Reporting Period 2,452,201 1
Cumulative Total Revenues/Cash Receipts 12,812,791 100%1
Total Expenditures/Cash Disbursements (Carried forward from Section 3.2) L.1 __1.:...!,..:..55~4"",3~9:...:8,-,1
Transfers out to Municipal Sources (Porting out)
Distribution of Surplus
Total Expenditures/Disbursements 1,554,398
NET INCOME/CASH RECEIPTS OVER/(UNDER) CASH DISBURSEMENTS 897,803
FUND BALANCE, END OF REPORTING PERIOD $ 7,786,241
• if there is a positive fund balance at the end of the reporting period, you must complete Section 3.3
• Except as set forth in the next sentence, each amount reported on the rows below, if any, is cumUlative from the inception of the respective Project Area. Cumulative figures for the categories of 'Interest,' 'Land/Building Sale Proceeds' and 'Other' may not be fully available for this report due to either of the following: (i) the disposal of certain older records pursuant to the City's records retention policy, or (ii) the availability of records only from January 1, 1997 forward.
FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area SECTION 3.2 A- (65 ILCS 5/11-74.4-5 (d) (5) and 65 ILCS 5/11-74.6-22 (d) (5)) ITEMIZED LIST OF ALL EXPENDITURES FROM THE SPECIAL TAX ALLOCATION FUND (by category of permissible redevelopment cost, amounts expended during reporting period)
FOR AMOUNTS >$10,000 SECTION 3.2 B MUST BE COMPLETED
Category of Permissible Redevelopment Cost [65ILCS 5/11-74.4-3 (q) and 651LCS 5/11-74.6-10 (0)]
Reporting Fiscal Year 1. Costs of studies, administration and professional services-Subsections (q)(1) and (0) (1) :,. "i"_',; . ..' ...... I>' .',."'",," •.... i.Y.,•. ·• .:'iii 44,983 'i, .....} .. :. '\:::...... \:,... ' I»: ;""";""';;",;:;.··2: [.. ;. '.'lY',;'> "";:';;':;:".:! .• ':" •...•.•.. ,.,>.::';:' ••. :.'•...... ••....
Ij:.I';(i?i. ,\;:,,'.5: ;'.. " · / ;,.:,>/1, .cr "":>'. ' "2:'Y:~_;' .' : ...: :<;< ''].' $ 44,983 2. Cost of marketing sites-Subsections (q)(1.6) and (0)(1.6) S' .... .'., .i.'" i;; .;.; )'\i~:" ·:'.;r~'i ..'. I>' i:'>::;.;.·30""· .i.i' :.5.:/;·:·' !'~''::::ii:'j,::;;:::: \ \' '\:{>:;"",:,\; '·.:;i::\~;/~ ,',;:." " 1';'( f):<':',: /'iJ'~, .·;i, · .;, .,'.:,,";. FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area 7. Cost of job training and retraining, including ''Welfare to work" programs Subsection (q)(S), (0)(7) Ii and (0)(12) ....ii .. $ - S. Financing costs. Subsection (q) (6) and (o)(S) $ - 9. Approved capital costs. Subsection (q)(7) and (0)(9) $ 10. Cost of Reimbursing school districts for their increased costs caused by TIF assisted housing I:/"O'\,.'h '.' projects. Subsection (q)(7.S) - Tax Increment Allocation Redevelopment TIFs ONLY> ",' ..; $ - 11. Relocation costs. Subsection (q)(S) and (0)(10) $ - 12. Payments in lieu of taxes. Subsection (q)(9) and (0)(11) ..••...... ': .. f.> ...... ,. .if '.' ,.,',;.:,,"1',)." .." : . """"':",,:,.,<\~... ,. "'::'" 'i:' .•," '.:.,.',," :> $ - 13. Costs of job training, retraining advanced vocational or career education provided by other ':\.';;)~·)S:,··f~/~;!·'\!:,!'!!',:'!.;n\! taxing bodies. SUbsection (q)(10) and (0)(12) ,·t'/·:f;i';;'!. I (,;: .. ,!.1; · $ - FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area 14. Costs of reimbursing private developers for interest expenses incurred on approved 'j)::~i\>;~:/<' .' i: X :,' .,'.' redevelopment projects. Subsection (q)(11)(A-E) and (o)(13)(A-E) ...... i::>./i! .'. ",,~.'"l';W,>{;?i :<;{. ....:,~i>; '" .J/ ....•.... < ';.~.> Ii V;~:,i·> ".;"', i';:J' ", ... . i· •. <.. ' "i';' >X:,:,,,,:.,,,.,::i! ... ; I·i'." )'\.i,.' .':;·\;>;.":0{ I.E'. , •. :.'.":· i,' .'. II', ";.,,'.': ,.:'i"':" . i.'';\' i I/'::. ' ...... /' ' . . :". ::.'" " ' $ - ITOTAL ITEMIZED EXPENDITURES 1$ 1,554,3981 FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area Section 3.2 B List all vendors, including other municipal funds, that were paid in excess of $10,000 during the current reporting year.'" Name Service Amount City Staff Costs 1 Administration $39,354 Ravenswood Partners of Illinois LP Development $1,271,750 SomerCor 504, Inc. Rehabilitation Program $237,665 1 Costs relate directly to the salaries and fringe benefits of employees working solely on tax increment financing districts. * This table may include payments for Projects that were undertaken prior to 11/1/1999. FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area SECTION 3.3 - (65ILCS 5/11-74.4-5 (d) (5) 651LCS 11-74.6-22 (d) (5)) Breakdown of the Balance in the Special Tax Allocation Fund At the End of the Reporting Period (65ILCS 5/11-74.4-5 (d) (5) (D) and 65 ILCS 5/11-74.6-22 (d) (5) (D)) FUND BALANCE, END OF REPORTING PERIOD 7,786,241 I Amount of Original Issuance Amount Designated 1 Descrlp 'f Ion 0 f De bt ObI'Iga f Ions Reserved for debt service $ - $ - Total Amount Designated for Obligations -I Total Amount Designated for Project Costs $ 7,786,241 TOTAL AMOUNT DESIGNATED $ 7,786,241 SURPLUS*/(DEFICIT) $ *NOTE: If a surplus is calculated, the municipality may be required to repay the amount to overlapping taxing districts. FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area SECTION 4 [65ILCS 5/11-74.4-5 (d) (6) and 651LCS 5/11-74.6-22 (d) (6)] Provide a description of all property purchased by the municipality during the reporting fiscal year within the redevelopment project area. X No property was acquired by the Municipality Within the Redevelopment Project Area FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area SECTION 5· 651LCS 5/11·74.4·5 (d) (7) (G) and 65 ILCS 5/11·74.6·22 (d) (7) (G) Please include a brief description of each project. Estimated Investment for Subsequent Fiscal Total Estimated to See "General Notes" Below. 11/1/99 to Date Year Complete Project TOTAL: Private Investment Undertaken $ 1,430,000 $ . $ 32,067,474 Public Investment Undertaken $ 3,533,861 $ 1,016,752 $ 7,570,000 Ratio of Private/Public Investment 17/42 :"5;\,';·',<,·:· .. ·.":>:<:: .: 417/72 Project 1: Raven Theatre Company Project Completed Private Investment Undertaken $ 1,430,000 $ . Public Investment Undertaken $ 594,491 $ - Ratio of Private/Public Investment 2 15/37 L'.<',"'; '/' , .. ( 0 Project 2: 1818 W. Peterson Project is Ongoing ._. Private Investment Undertaken $ 28,567,474 Public Investment Undertaken $ 2,332,000 $ 635,875 $ 5,820,000 Ratio of Private/Public Investment 0 ... !,'{:: :':;::~ ~2~ 4 10/11 Project 3: Small Business Improvement Fund (SBIF) •• PrQiect is Ollfloin9 ._. Private Investment Undertaken $ 3,500,000 Public Investment Undertaken $ 607,370 $ 380,877 $ 1,750,000 Ratio of Private/Public Investment 0 ..... :} , '" 2 •• Depending on the particular goals of this .type of program, the City may: i) make an advance disbursement of the entire public investment amount to the City's program administrator, ii) disburse the amounts through an escrow account, or iii) pay the funds out piecemeal to the program administrator as each ultimate grantee's rehabilitation work is approved under the program . ••• As of the last date of the reporting fiscal year, the construction of this Project was ongoing; the Private Investment Undertaken and Ratio figures for this Project will be reported on the Annual Report for the fiscal year in which the construction of the Project is completed and the total Private Investment figure is available. General Notes (a) Each actual or estimated Public Investment reported here is, to the extent possible, comprised only of payments financed by tax increment revenues. In contrast, each actual or estimated Private Investment reported here is, to the extent possible, comprised of payments financed by revenues that are not tax increment revenues and, therefore, may include private equity, private lender financing, private grants, other public monies, or other local, state or federal grants or loans. (b) Each amount reported here under Public Investment Undertaken, Total Estimated to Complete Project, is the maximum amount of payments financed by tax increment revenues that could be made pursuant to the corresponding Project's operating documents, but not including interest that may later be payable on developer notes, and may not necessarily reflect actual expenditures, if any, as reported in Section 3 herein. The total public investment amount ultimately made under each Project will depend upon the future occurrence of various conditions, including interest that may be payable on developer notes as set forth in the Project's operating documents. (c) Each amount reported here under Public Investment Undertaken, 111111999 to Date, is cumulative from the Date of execution of the corresponding Project to the end of the reporting year, and may include interest amounts paid to finance the Public Investment amount. Projects undertaken prior to 11/1/1999 are not reported on this table. (d) Intergovernmental agreements, if any, are reported on Attachment M hereto. FY 2010 TIF Name: Clark street and Ridge Avenue Redevelopment Project Area STATE OF ILLINOIS ) ) SS Attachment B COUNTY OF COOK ) CER TIFICATION TO: Judy Baar Topinka Jean-Claude Brizard Comptroller of the State of Illinois Chief Executive Officer James R. Thompson Center Chicago Board of Education 100 West Randolph Street, Suite 15-500 125 South Clark Street, 5th Floor Chicago, Illinois 60601 Chicago, Illinois 60603 Attention: June Canello, Director of Local Government Dolores Javier, Treasurer Jacqueline Torres, Director of Finance City Colleges of Chicago Metropolitan Water Reclamation District of 226 West Jackson Boulevard, Room 1125 Greater Chicago Chicago, Illinois 60606 100 East Erie Street, Room 2429 Chicago, Illinois 60611 Herman Brewer Douglas Wright Director South Cook County Mosquito Abatement Cook County Bureau of Planning & Dev. District 69 West Washington Street, Suite 2900 155th & Dixie Highway Chicago, Illinois 60602 P.O. Box 1030 Harvey, Illinois 60426 Dan Donovan, Comptroller Michael P. Kelly, Interim General Forest Preserve District of Cook County Superintendent & CEO 69 W. Washington Street, Suite 2060 Chicago Park District Chicago, IL 60602 541 North Fairbanks Chicago, Illinois 60611 I, Rahm Emanuel, in connection with the annual report (the "Report") of information required by Section 11-74.4-5(d) of the Tax Increment Allocation Redevelopment Act, 65 ILCS5/11-74.4-1 et seq, (the "Act") with regard to the Clark Street and Ridge Avenue Redevelopment Project Area (the "Redevelopment Project Area"), do hereby certify as follows: Attachment B 1. I am the duly qualified and acting Mayor of the City of Chicago, Illinois (the "City") and, as such, I am the City's Chief Executive Officer. This Certification is being given by me in such capacity. 2. During the preceding fiscal year of the City, being January 1 through December 31, 2010, the City complied, in all material respects, with the requirements ofthe Act, as applicable from time to time, regarding the Redevelopment Project Area. 3. In giving this Certification, I have relied on the opinion of the Corporation Counsel of the City furnished in cOlmection with the Report. 4. This Certification may be relied upon only by the addressees hereof. IN WITNESS WHEREOF, I have hereunto affixed my official signature as of this 30th day of June, 2011. ~~..;. '£1". Rahm Emanuel, Mayor 1 n City of Chicago, Illinois DEPARTMENT OF LAW June 30, 2011 CITY OF CHICAGO Attachment C Judy Baar Topinka Jean-Claude Brizard Comptroller of the State of Illinois Chief Executive Officer James R. Thompson Center Chicago Board of Education 100 West Randolph Street, Suite 15-500 125 South Clark Street, 5th Floor Chicago, Illinois 60601 Chicago, Illinois 60603 Attention: June Canello, Director of Local Govemment Dolores Javier, Treasurer Jacqueline Torres, Director of Finance City Colleges of Chicago Metropolitan Water Reclamation District 226 West Jackson Boulevard, Room 1125 of Greater Chicago Chicago, Illinois 60606 100 East Erie Street, Room 2429 Chicago, Illinois 60611 Herman Brewer Douglas Wright Director South Cook County Mosquito Abatement Cook County Bureau of Planning & Dev. District 69 West Washington Street, Suite 2900 155th & Dixie Highway Chicago, Illinois 60602 P.O. Box 1030 Harvey, Illinois 60426 Dan Donovan, Comptroller Michael P. Kelly, Interim General Forest Preserve District of Cook County Superintendent & CEO 69 W . Washington Street, Suite 2060 Chicago Park District Chicago, IL 60602 541 North Fairbanks Chicago, Illinois 60611 Re: Clark Street and Ridge Avenue Redevelopment Project Area (the "Redevelopment Project Area") Dear Addressees: I am the Corporation Counsel of the City of Chicago, Illinois (the "City") and, in such capacity, I am the head of the City's Law Department. In such capacity, I am providing the opinion required by Section 11-74.4-5(d)(4) of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et~. (the "Act"), in connection with the submission of the report (the "Report") in accordance with, and containing the information required by, Section 11-74.4-5(d) of the Act for the Redevelopment Project Area. 121 NORTH LASALLE STREET, ROOM 600, CHICAGO. ILLINOIS 60602 Attachment C , Opinion of Counsel for 2010 Annual Report June 30, 2011 Page 2 Attorneys, past and present, in the Law Department of the City and familiar with the requirements of the Act, have had general involvement in the proceedings affecting the Redevelopment Project Area, including the preparation of ordinances adopted by the City Council of the City with respect to the following matters: approval of the redevelopment plan and project for the Redevelopment Project Area, designation of the Redevelopment Project Area as a redevelopment project area, and adoption of tax increment allocation financing for the Redevelopment Project Area, all in accordance ,I with the then applicable provisions of the Act. Various departments of the City, including, if applicable, the Law Department, Department of Housing and Economic Development, Department of Finance and Office of Budget and Management (collectively, the "City Departments"), have personnel responsible for and familiar with the activities in the Redevelopment Project Area affecting such Department(s) and with the requir~ments of the Act in connection therewith. Such personnel are encouraged to seek and obtain, and do seek and obtain, the legal guidance of the Law Department with respect to issues that may arise from time to time regarding the requirements of, and compliance with, the Act. In my capacity as Corporation Counsel, I have relied on the general knowledge and actions of the appropriately designated and trained staff of the Law Department and other applicable City Departments involved with the activities affecting the Redevelopment Project Area. In addition, I have caused to be examined or reviewed by members of the Law Department of the City the certified audit report, to the extent required to be obtained by Section 11-74.4-5(d)(9) of the Act and submitted as part of the Report, which is required to review compliance with the Act in certain respects, to determine if such audit report contains information that might affect my opinion. I have also caused to be examined or reviewed such other documents and records as were deemed necessary to enable me to render this opinion. Nothing has come to my attention that would result in my need to qualify the opinion hereinafter expressed, subject to the limitations hereinafter set forth, unless and except to the extent set forth in an Exception Schedule attached hereto as Schedule 1. Based on the foregoing, I am of the opinion that, in all material respects, the City is in compliance with the provisions and requirements of the Act in effect and then applicable at the time actions were taken from time to time with respect to the Redevelopment Project Area. This opinion is given in an official capacity and not personally and no personal liability shall derive herefrom. Furthermore, the only opinion that is expressed is the opinion specifically set forth herein, and no opinion is implied or should be inferred as to any other matter. Further, this opinion may be relied upon only by the addressees hereof and the Mayor of the City in providing his required certification in connection with the Report, and not by any other party. Stephen R. Patton Corporation Counsel ATTACHMENT C SCHEDULE 1 (Exception Schedule) (X) No Exceptions () Note the following Exceptions: ATTACHMENTS D, E and F ATTACHMENT D Activities Statement Projects that were implemented during the preceding fiscal year, if any, are set forth below: None Redevelopment activities undertaken within this Project Area during the preceding fiscal year, if any, have been made pursuant to: (i) the Redevlopment Plan for the Project Area, and (ii) any Redevelopment Agreements affecting the Project Area, and are set forth in Section 3 herein by TIF-eligible expenditure category. ATTACHMENT E Agreements Agreements entered into concerning the disposition or redevelopment of property within the Project Area during the preceding fiscal year, if any, are attached hereto. Parties to Agreement with Cit'L Proiect Description Address 1543-1545 W. Rosemont TS Plum Inc. Construction of Mixed Use Property Avenue ATTACHMENT F Additional Information The amounts shown elsewhere in this report, including those shown in Section 3 herein, have been used to pay for project cost within the Project Area and for debt service (if applicable), all in furtherance of the objectives of the Redevelopment Plan for the Project Area. FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area ATTACHMENT K CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT FINANCIAL REPORT DECEMBER 31,2010 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT CONTENTS INOEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION 1-2 Management's discussion and analysis 3-5 Statement of net assets and governmental fund balance sheet 6 Statement of activities and governmental fund revenues, expenditures and changes in fund balance 7 Notes to financial statements 8-10 SUPPLEMENTARY INFORMATION Schedule of expenditures by statutory code 11 BANSLEY AND KIENER, L,L,P, CERTIFIED PUBLIC ACCOUNTANTS O'HARE PLAZA 8745 WEST HIGGINS ROAD, SUITE 200 CHICAGO, ILLINOIS 60631 AREA CODE 3 12 263.2700 INDEPENDENT AUDITOR'S REPORT The Honorable Rahm Emanuel, Mayor Members of the City Council City of Chicago, Illinois We have audited the accompanying financial statements of the Clark Street and Ridge Avenue Redevelopment Project of the City of Chicago, Illinois, as of and for the year ended December 31, 2010, as listed in the table of contents. These financial statements are the responsibility of the City of Chicago's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in Note 1, the financial statements present only the Clark Street and Ridge Avenue Redevelopment Project and do not purport to, and do not present fairly the financial position of the City of Chicago, Illinois, as of December 31, 2010, and the changes in its financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Clark Street and Ridge Avenue Redevelopment Project of the City of Chicago, Illinois, as of December 31, 2010, and the changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. The Management's Discussion and Analysis on pages 3 through 5 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. The Honorable Rahm Emanuel, Mayor Members of the City Council - 2- Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The schedule of expenditures by statutory code on page 11, which is also the responsibility of the City of Chicago's management, is presented for purposes of additional analysis and is not a required part of the financial statements of Clark Street and Ridge Avenue Redevelopment Project of the City of Chicago, Illinois. Such additional information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. ~~~;L.l.f· 'Certified PU~IiC Accountants June 9,2011 3 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) As management of the Clark Street and Ridge Avenue Tax Increment Redevelopment Project Area (Project), we offer the readers of the Project's financial statements this narrative overview and analysis of the Project's financial performance for the year ended December 31, 2010. Please read it in conjunction with the Project's financial statements, which follow this section. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Project's basic financial statements. The Project's basic financial statements include three components: 1) government-wide financial statements, 2) governmental fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information concerning the Project's expenditures by statutory code. Basic Financial Statements The basic financial statements include two kinds of financial statements that present different views of the Project - the Government-Wide Financial Statements and the Governmental Fund Financial Statements. These financial statements also include the notes to the financial statements that explain some of the information in the financial statements and provide more detail. Government-Wide Financial Statements The government-wide financial statements provide both long-term and short-term information about the Project's financial status and use accounting methods similar to those used by private-sector companies. The statement of net assets includes all of the project's assets and liabilities. All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two government-wide statements report the Project's net assets and how they have changed. Net assets - the difference between the Project's assets and liabilities - is one way to measure the Project's financial health, or position. Governmental Fund Financial Statements The governmental fund financial statements provide more detailed information about the Project's significant funds - not the Project as a whole. Governmental funds focus on: 1) how cash and other financial assets can readily be converted to cash flows and 2) the year-end balances that are available for spending. Consequently, the governmental fund statements provide a detailed short-term view that helps determine whether there are more financial resources that can be spent in the near future to finance the Project. Because this information does not encompass the additional long-term focus of the government-wide statements, we provide additional information at the bottom of the statements to explain the relationship (or differences) between them. 4 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) (Continued) Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and governmental fund financial statements. The notes to the financial statements follow the basic financial statements. Other Supplementary Information In addition to the basic financial statements and accompanying notes, this report also presents a schedule of expenditures by statutory code. This supplementary information follows the notes to the financial statements. Condensed Comparative Financial Statements The condensed comparative financial statements are presented on the following page. Analysis of Overall Financial Position and Results of Operations Property tax revenue for the Project was $2,799,810 for the year. This was an increase of 35 percent over the prior year. The change in net assets produced an increase in net assets of $1,252,148. The Project's net assets increased by 14 percent from the prior year making available $9,909,890 of funding to be provided for purposes of future redevelopment in the Project's designated area. Expenses increased this year due to the Project's formulation of a redevelopment plan or necessary funding was substantially complete and available. 5 CITY OF CHICAGO, ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT MANAGEMENT'S DISCUSSION AND ANALYSIS (UNAUDITED) (Concluded) Government-Wide 2010 2009 Change % Change Total assets $10,587,970 $ 8,724,896 $1,863,074 21% Total liabilities 678,080 67,154 610,926 910% Total net assets $ 9,909,890 $8,657,742 $1,252,148 14% Total revenues $ 2,806,546 $2,075,144 $ 731,402 35% Total expenses 1,554,398 830,320 724,078 87% Changes in net assets 1,252,148 1,244,824 7,324 1% Ending net assets $ 9,909,890 $8,657,742 $1,252,148 14% 6 CITY OF CHICAGO ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT STATEMENT OF NET ASSETS AND GOVERNMENTAL FUND BALANCE SHEET DECEMBER 31,2010 Statement Governmental of ASSETS Fund Adjustments Net Assets Cash and investments $ 7,999,569 $ $ 7,999,569 Property taxes receivable 2,582,000 2,582,000 Accrued interest receivable 6,401 6,401 Total assets $10,587,970 $ $ 10,587,970 LIABILITIES Vouchers payable $ 637,375 $ $ 637,375 Due to other City funds 40,705 40,705 Deferred revenue 2,123,649 (2,123,649) Total liabilities 2,801,729 (2,123,649) 678,080 FUND BALANCE/NET ASSETS Fund balance: Designated for future redevelopment project costs 7,786,241 (7,786,241) Total liabilities and fund balance $10,587,970 Net assets: Restricted for future redevelopment project costs 9,909,890 9,909,890 Total net assets $ 9,909,890 $ 9,909,890 Amounts reported for governmental activities in the statement of net assets are different because: Total fund balance - governmental fund $ 7,786,241 Property tax revenue is recognized in the period for which levied rather than when "available". A portion of the deferred property tax revenue is not available. 2,123,649 Total net assets - governmental activities $ 9,909,890 The accompanying notes are an integral part of the financial statements. 7 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31,2010 Governmental Statement of Fund Adjustments Activities Revenues: Property tax $ 2,445,465 $ 354,345 $ 2,799,810 Interest 6,736 6,736 Total revenues 2,452,201 354,345 2,806,546 Expenditures/expenses: Economic development projects 1,554,398 1,554,398 Excess of revenues over expenditures 897,803 (897,803) Change in net assets 1,252,148 1,252,148 Fund balance/net assets: Beginning of year 6,888,438 1,769,304 8,657,742 End of year $ 7,786,241 $ 2,123,649 $ 9,909,890 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balance - governmental fund $ 897,803 Property tax revenue is recognized in the period for which levied rather than when "available". A portion of the deferred property tax revenue is not available. 354,345 Change in net assets - governmental activities $ 1,252,148 The accompanying notes are an integral part of the financial statements. 8 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT NOTES TO FINANCIAL STATEMENTS Note 1 - Summary of Significant Accounting Policies (a) Reporting Entity In September 1999, the City of Chicago (City) established the Clark Street and Ridge Avenue Tax Increment Redevelopment Project Area (Project). The area has been established to finance improvements, leverage private investment and create and retain jobs. The Project is accounted for within the special revenue funds of the City. (b) Government-Wide and Fund Financial Statements The accompanying financial statements of the Project have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GAS B). In June 1999, the GASB unanimously approved Statement No. 34 (as amended by Statement No. 37), Basic Financial Statements - Management's Discussion and Analysis - for State and Local Governments and at a later date, Statement No. 38 Certain Financial Statements Disclosures, and include the following: A Management Discussion and Analysis (MD&A) section providing an analysis of the Project's overall financial position and results of operations. Government-wide financial statements prepared using the economic resources measurement focus and the accrual basis of accounting for all the Project's activities. Fund financial statements, which focus on the Project's governmental funds current financial resources measurement focus. (c) Measurement Focus, Basis of Accounting and Financial Statements Presentation The government-wide financial statements are reported using the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. The governmental fund financial statements are prepared on the modified accrual basis of accounting with only current assets and liabilities included on the balance sheet. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available to finance expenditures of the current period. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Property taxes are susceptible to accrual and recognized as a receivable in the year levied. Revenue recognition is deferred unless the taxes are received within 60 days subsequent to year-end. Expenditures are recorded when the liability is incurred. Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in government-wide financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. The City has elected not to follow subsequent private-sector guidance. When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted resources first, then unrestricted resources, as they are needed. 9 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT NOTES TO FINANCIAL STATEMENTS (Continued) Note 1 - Summary of Significant Accounting Policies (Concluded) The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from these estimates. (d) Assets, Liabilities and Net Assets Cash and Investments Cash belonging to the City is generally deposited with the City Treasurer as required by the Municipal Code of Chicago. The City Comptroller issues warrants for authorized City expenditures which represent a claim for payment when presented to the City Treasurer. Payment for all City warrants clearing is made by checks drawn on the City's various operating bank accounts. The City Treasurer and City Comptroller share responsibility for investing in authorized investments. Interest earned on pooled investments is allocated to participating funds based upon their average combined cash and investment balances. The City values its investments at fair value or amortized cost. U.S. Government securities purchased at a price other than par with a maturity of less than one year are reported at amortized cost. Capital Assets Capital assets are not capitalized in the governmental fund but, instead, are charged as current expenditures when purchased. The Government-wide financial statements (Le., the statement of net assets and the statement of changes in net assets) of the City includes the capital assets and related depreciation, if any, of the Project in which ownership of the capital asset will remain with the City (Le. infrastructure, or municipal building). All other construction will be expensed in both the government-wide financial statements and the governmental fund as the City nor Project will retain the right of ownership. (e) Stewardship, Compliance and Accountability Illinois Tax Increment Redevelopment Allocation Act Compliance The Project's expenditures include reimbursements for various eligible costs as described in subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act and the Redevelopment Agreement relating specifically to the Project. Eligible costs include but are not limited to survey, property assembly, rehabilitation, public infrastructure, financing and relocation costs. Reimbursements Reimbursements, if any, are made to the developer for project costs, as public improvements are completed and pass City inspection. 10 CITY OF CHICAGO. ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT NOTES TO FINANCIAL STATEMENTS (Concluded) Note 2 - Commitments The City has pledged certain amounts solely from available excess incremental taxes to provide financial assistance to a developer under the terms of a redevelopment agreement for the purpose of paying costs of certain eligible redevelopment project costs. As of December 31,2010 the Project has entered into contracts for approximately $129,000 for services and construction projects. SUPPLEMENTARY INFORMATION 11 CITY OF CHICAGO ILLINOIS CLARK STREET AND RIDGE AVENUE REDEVELOPMENT PROJECT SCHEDULE OF EXPENDITURES BY STATUTORY CODE Code Description Costs of studies, surveys, development of plans and specifications, implementation and administration of the redevelopment plan including but not limited to staff and professional service costs for architectural, engineering, legal, marketing $ 44,983 Costs of property assembly, including but not limited to acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, and the clearing and grading of land 1,271,750 Costs of rehabilitation, reconstruction or repair or remodeling of existing public or private buildings and fixtures 237,665 $1,554,398 ATTACHMENT L BANSLEY AND KIENER, L.L.P. CERTIFIED PUBLIC ACCOUNTANTS ESTABLISHED 1922 O'HARE PLAZA 8745 WEST HIGGINS ROAD SUITE 200 CHICAGO, ILLINOIS 60631 312,263,2700 FAX 312,263,6935 WWW,BK-CPA,COM INDEPENDENT AUDITOR'S REPORT The Honorable Rahm Emanuel, Mayor Members of the City Council City of Chicago, Illinois We have audited, in accordance with auditing standards generally accepted in the United States of America, the statement of net assets and governmental fund balance sheet of Clark Street and Ridge Avenue Redevelopment Project of the City of Chicago, Illinois as of December 31, 2010, and the related statement of activities and governmental fund revenues, expenditures and changes in fund balance for the year then ended, and have issued our report thereon dated June 9, 2011. In connection with our audit, nothing came to our attention that caused us to believe that the Project failed to comply with the regulatory provisions in Subsection (q) of Section 11-74.4-3 of the Illinois Tax Increment Allocation Redevelopment Act and Subsection (0) of Section 11-74.6-10 of the Illinois Industrial Jobs Recovery Law as they relate to the eligibility for costs incurred incidental to the implementation of the Clark Street and Ridge Avenue Redevelopment Project of the City of Chicago, Illinois. This report is intended for the information of the City of Chicago's management. However, this report is a matter of public record, and its distribution is not limited. Certified Public Accountants June 9,2011 MEMBERS: AMERICAN INSTITUTE OF CPA's • ILLINOIS CPA SOCIETY AN INDEPENDENT FIRM ASSOCIATED WITH MOORE STEPHENS ®~458 ATTACHMENT M INTERGOVERNMENTAL AGREEMENTS FY 2010 A list of all intergovernmental agreements in effect in FY 2010 to which the municpality is a part, and an accounting of any money transferred or received by the municipality during that fiscal year pursuant to those intergovernmental agreements. [65 ILeS 5/11·74.4·5 (d) (10)] Amount Name of Agreement Description of Agreement Amount Received Transferred Out None FY 2010 TIF Name: Clark Street and Ridge Avenue Redevelopment Project Area Clark Street and Ridge Avenue Redevelopment Project Area 2010 Annual Report